US Rail Freight Posts Strongest Monthly Performance in Years

US rail freight delivered its strongest monthly performance in years in March 2026, suggesting that the goods economy is regaining momentum after a prolonged period of uneven activity.

Data from the Association of American Railroads show total carloads averaging over 230,000 per week, the highest March level since 2019. Year-on-year volumes rose 1.7%, marking a third consecutive month of growth.

The recovery appears broad-based, with gains across multiple commodity groups rather than being driven by isolated sectors. Grain shipments were a major contributor, supported by strong export demand, while chemicals reached record levels thanks to competitive domestic production costs.

Intermodal traffic also showed signs of stabilisation, with volumes increasing year-on-year and reflecting resilience in consumer-driven supply chains.

Not all segments performed equally. Some categories, including primary metals and certain raw materials, declined due to structural shifts in production patterns. Coal remained a drag overall, although signs of stabilisation are emerging.

Excluding coal, rail volumes reached their highest level since 2008, reinforcing the view that the recovery is underpinned by genuine economic activity rather than short-term fluctuations.

While macroeconomic risks remain—particularly inflation, energy costs and geopolitical tensions—the data suggest that the freight economy is stabilising, with rail continuing to serve as a key indicator of broader economic trends.

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